If Any of Your Landlord Clients Are Giving You That Uneasy Feeling….

… there may be a good reason.  The scenario below describes a situation my husband was recently involved with.
OTS Logo - Rentals & Inspections - Square

Dear Accountant, Lawyer, Banker, Mortgage Professional…
 

I hope you’ll take time to scan the scenario below that my husband, John Snyder, was involved in, as the court appointed property manager.  Had he been brought in years – or even months – before he actually was, the whole thing might have turned out differently.As an accountant (lawyer, banker, mortgage professional), you likely have one or two clients who give you that uneasy feeling, especially if there’s a divorce or partnership breakdown involved.Bringing in a professional like John could save a lot of heartache and financial problems.

Linda Snyder
Back Office Operations
On the Spot Property Management & Building Inspections
207 740 2247


The Situation:

In October 2011, On the Spot Property Management was appointed by the Court to manage a boarding home complex of several dozen units.  It was a divorce case that had dragged on for years, with the judge eventually realizing that the spouse who had been managing the real estate couldn’t account for either the income or the expenses of the buildings, which were joint marital property.

That spouse also insisted that the buildings had been barely breaking even for years, and that the significant credit card bills and “shareholder loans” totaling nearly $40,000 attached to the LLC were the only way to keep those buildings running.

The Court appointment was supposed to be for just three months, but the case continued for more than a year beyond that, until spring of this year.

During that year and a half, On the Spot Property Management was reimbursed for 10% of the collected rents, as well as $45 per hour for such tasks as handling bed bug issues, water and furnace failures, lockouts, public safety calls, evictions, and so forth.  On the Spot’s monthly fee varied from around $1,100 per month to over $2,000 at times, averaging about $1,500 monthly.

Yet even with the additional expense of On the Spot’s fees, the buildings were still breaking even during those 18 months, even with the initial problems of little money in reserve, bills that had gone unpaid, and a heating season having just started…. and even though the managing spouse insisted that the properties were losing money (although he had no records to prove his contentions).

The managing spouse didn’t even provide receipts to his tenants for rents paid nor did he keep other income records, so it was impossible to determine how much money had in fact been collected over the previous decade.

Over the next 18 months, On the Spot Property Management found that the entire infrastructure of the three buildings was shot.  The furnaces had been illegally patched, the plumbing and wiring didn’t meet code, and other neglected issues continued to rear their ugly little heads.

Eventually it was determined that the mechanical systems of one building were in such disrepair that they would cost at least $25,000 to fix – and there was no money to do so.  The building had to be closed, and the tenants relocated.

So where had the money gone?

Of course, everyone involved knew, but by the time On the Spot was appointed to manage the properties, it was too late.  The money was gone, the needed repairs had not been made, and the properties were deep in debt.  What was supposed to have been the children’s college fund was now less than worthless.

Had On the Spot Property Management gotten involved years before, the buildings almost certainly would have been salvaged, credit ratings wouldn’t be in the toilet, and there would have been savings for the kids.

If you suspect that a landlord client of yours is losing money in a way that doesn’t quite make sense, please give John Snyder of On the Spot Property Management a call at 207 712 0674.  He will be glad to speak with you (and your client), and help determine if something is amiss.

Surely it’s worth it to find out now, rather than wait and hope… and have your client lose the buildings entirely, as happened in this instance. 

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To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

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To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

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R vs D – Where Do Landlords Stand?

Republican Democrat Symbols

They say all politics is local.

The last election in Lewiston (ME) was closely watched by members of the local landlords association as a former Mayor (Larry Gilbert) challenged the sitting Mayor (Bob Macdonald) for his post.

In previous years, there hadn’t been much apparent interest by area landlords in the Mayor’s race since the position doesn’t really have any power… it’s pretty much a figurehead job, with the ability to break ties when necessary on City Council votes, and little else.

This year, however, the issue of small landlords being pushed out of business by non-profit housing agencies that appear to get preferential treatment – including huge tax breaks and incentives – became a lightning rod just before the election.

Former Mayor Gilbert is very much a proponent of the subsidized housing programs that renovate existing buildings for upwards of $150,000 a unit; the current Mayor (Macdonald) had repeatedly gone on record as supporting the private landlords who struggle to make ends meet in an economy where the HUD (Housing & Urban Development) Fair Market Rent for a two bedroom apartment dropped nearly $100 a month locally – not that the rental subsidy programs were paying Fair Market Rent, anyway.

Macdonald, a conservative Republican with a penchant for very “rough around the edges” speech that evokes among some the same shudders that Maine’s uber conservative Republican governor has engendered, soundly whupped his liberal Democratic challenger Gilbert.  (Gilbert is a lot more polished, but isn’t immune to foot in mouth disease.)

Did Macdonald win the landlord vote, and thereby the election?  I don’t know.  What do you think?

We’re curious… have you voted in local elections based on the “landlord-friendliness factor”?  Take our poll!

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To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

To Follow On the Spot Property Management & Building Inspections on Facebook:  On the Spot Property Management

To Follow What a Great Event! on Facebook: What a Great Event!

To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

The Business of Landlording: Bedbugs, City Vouchers, Insurance Issues, and More!

“The Business of Landlording: Issues Facing New & Experienced Landlords” will be the theme of the Landlords Track at the Greater Bangor Real Estate, Housing and Land Use Conference on October 31 & November 01 at the Cross Insurance Center in Bangor.

Opening day workshops on October 31st are:

8:00-11:00.  So You Want to Be a Landlord, presented by John Snyder, A.S., President, On the Spot Property Rentals & Building Inspections.  Topics include: Pitfalls & landmines both before & after a tenant signs a lease. Elements of a Good Lease.  Protecting yourself & your tenants. Rules & Regulations Landlords Must Be Aware Of.  Lead paint, CO, Sect 8, GA, non-discrimination/civil rights, evictions, bedbugs & other code issues. Getting the Best from Your Management Company.

OTS Logo - Rentals & Inspections - Square

11:00-12:00. How to Think Like a Bedbug, presented by Dale Carlson, President of HeatOnWheels.com and MaineBedbugsandPestControl.com.

BuggyLogo12

1:00-2:00. Case History & New Legislation that Impacts Your Landlording Business. Speakers pending confirmation.

2:00-3:00. General Assistance & City Vouchers, BRAP & Shelter + Care.  A discussion led by Orinda Fogler, City of Bangor and Sandra Kimball, Rental Services Supervisor, CH&CS.

Bangor logoCHCS

3:00-4:00. Best Practices in Background & Reference Checks.  Speaker pending confirmation.

4:00-5:00. MaineHousingSearch.org – a free online rental housing service for landlords and tenants, and MaineHousing’s Section 8 Housing Choice Voucher Program.  Presented by Maine State Housing Authority Staff Joe Locke, Program Officer, Homeless Initiatives and other staff

Maine Housing Search

Workshops scheduled for Friday, November 01 are:

8:00-9:00. Maine Business Advocate: Functions & Supports for Your Small Business. Peggy Schaffer, Maine Business Advocate, Secretary of State’s Office.

Secretary of State

9:00-10:00. What Every Landlord Should Know About Insurance, presented by Dale Bartlett of Allen Freeman McDonnell Agency.  Topics include: Property & casualty insurance for landlords; common misconceptions, carrier expectations, how to get the most cost effective coverage.

Allen Freeman McDonnell

10:00-11:00.  Floor Buying 101 – Ideas to Reduce Your Total Cost of Apartment Ownership.  Presented by Ken Clark, Mardens with professionals from Shaw Carpetry and Metroflor Engage.

Mardens

11:00-12:00. Small Business Fraud – It Can Happen to You. Pending final confirmation from the speaker.

12:00-1:00.  Resources for Help in Addressing Lead Paint Issues. Presented by Andrea LaFlamme, Lead Prevention Educator, City of Bangor.

Bangor logo

Fill in presenters for the workshops listed above “pending confirmation” are being actively sought.  Please contact Linda Snyder at 207 740 2247 to pinch hit.

The Greater Bangor Real Estate, Housing & Land Use Conference offers 4 conference tracks: one each for REALTORs®, landlords, housing professionals, and land use engineers.  OHI is the designated non profit, and Maine Traditional Karate will offer a self-defense demonstration.

OHI  Maine Traditional Karate

For more information, contact Linda Snyder at 207 740 2247.  Registration can be done on-line at http://bangorhousingshowattendees.eventbrite.com.

_________________________________________

For info on sponsorships, exhibiting or advertising at any of our conferences, call Linda at 207 740 2247 or email LSnyder@regroupbiz.com.

To present a seminar, workshop or activity at any of our conferences, call John at 207 713 0674 or email JSnyder@regroupbiz.com.

For your social media marketing and information in the Conference Program, email Jessamyn at JHopkins@regroupbiz.com.

For the Greater Bangor Real Estate, Housing & Land Use Conference, October 31-November 01:

To Register to Attend:    http://bangorhousingshowattendees.eventbrite.com

To Sponsor or Exhibit:  http://bangorhousingshowexhibitors.eventbrite.com

To Place an Ad in the Conference Program:  http://bangorhousingshowprogram.eventbrite.com

For the Greater Androscoggin Real Estate, Housing & Land Use Conference:

To Register to Attend:    http://androhousingconferenceattendees.eventbrite.com

To Sponsor or Exhibit:  http://androhousingconferencesponsors.eventbrite.com

To Place an Ad in the Conference Program:  http://androhousingconferenceprogram.eventbrite.com

Other Sources of Information:

To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

To Follow On the Spot Property Management & Building Inspections on Facebook:  On the Spot Property Management

To Follow What a Great Event! on Facebook: What a Great Event!

To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

The Business of Landlording: Bedbugs, City Vouchers, Ask the Lawyer, and More!

The Business of Landlording: Issues Facing New & Experienced Landlords” will be the theme of the Landlords Track at the Greater Androscoggin Real Estate, Housing and Land Use Conference on November 8 at the Ramada Inn & Conference Center in Lewiston.

Planned workshops are:

8:00-11:00.  So You Want to Be a Landlord, presented by John Snyder, A.S., President, On the Spot Property Rentals & Building Inspections.

Topics include: Pitfalls & landmines both before & after a tenant signs a lease. Elements of a Good Lease.  Protecting yourself & your tenants. Rules & Regulations Landlords Must Be Aware Of.  Lead paint, CO, Sect 8, GA, non-discrimination/civil rights, evictions, bedbugs & other code issues. Getting the Best from Your Management Company.

OTS Logo - Rentals & Inspections - Square

11:00-12:00. How to Think Like a Bedbug, presented by Dale Carlson, President of HeatOnWheels.com and MaineBedbugsandPestControl.com.

BuggyLogo12

1:15-2:15. Building a Vibrant Membership Organization, a panel discussion with Chip Morrison, President, Andro Chamber of Commerce, Jonathan Labonte, Executive Director of the Androscoggin Land Trust, and Larry Marcoux, Director of Community Impact, United Way of Androscoggin

androscoggin-chamber-logo Androscoggin Land Trust United Way

2:15-3:15. General Assistance & City Voucher Programs, a joint presentation by Dot Meagher, Director of Health & Social Services, City of Auburn and Sue Charron, Director Social Services, City of Lewiston.

Lewiston - largeAuburn

3:15-4:15. Simple Steps to Save Money & Avoid Lead Abatement presented by Dana Leeper, Healthy Androscoggin.

Healthy Androscoggin

4:15-5:15, Landlord – Tenant Relations: A Legal Perspective (Ask the Lawyer) presented by Matthew Mastrogiacomo, The Mastrogiacomo Law Office.

Mastrogiacomo

The Greater Androscoggin Real Estate, Housing & Land Use Conference offers 4 conference tracks: one each for REALTORs®, landlords, housing professionals, and land use engineers.  John F Murphy Homes, Inc is the designated non profit, and Jim Bennett, former Administrator for the City of Lewiston will be the lunchtime keynoter.

For more information, contact Linda Snyder at 207 740 2247, or by email at LSnyder@regroupbiz.com, or visit the Topics in Real Estate, Housing and Land Use blog at https://realestatehousingandlanduse.wordpress.com.

Registration for the conference can be done on-line at http://androhousingconferenceattendees.eventbrite.com.

_________________________________________

For info on sponsorships, exhibiting or advertising at any of our conferences, call Linda at 207 740 2247 or email LSnyder@regroupbiz.com.

To present a seminar, workshop or activity at any of our conferences, call John at 207 713 0674 or email JSnyder@regroupbiz.com.

For your social media marketing and information in the Conference Program, email Jessamyn at JHopkins@regroupbiz.com.

For the Greater Bangor Real Estate, Housing & Land Use Conference, October 31-November 01:

To Register to Attend:    http://bangorhousingshowattendees.eventbrite.com

To Sponsor or Exhibit:  http://bangorhousingshowexhibitors.eventbrite.com

To Place an Ad in the Conference Program:  http://bangorhousingshowprogram.eventbrite.com

For the Greater Androscoggin Real Estate, Housing & Land Use Conference:

To Register to Attend:    http://androhousingconferenceattendees.eventbrite.com

To Sponsor or Exhibit:  http://androhousingconferencesponsors.eventbrite.com

To Place an Ad in the Conference Program:  http://androhousingconferenceprogram.eventbrite.com

Other Sources of Information:

To Follow Our Blog:  Real Estate, Housing & Land Use Blog

To Join Our Group on LinkedIn:  Maine Real Estate Investors Group

To Join our Group on Facebook:   Topics in Real Estate, Housing & Land Use.

To Follow Our Fan Page on Facebook:  Maine Real Estate Investors Group

To Follow On the Spot Property Management & Building Inspections on Facebook:  On the Spot Property Management

To Follow What a Great Event! on Facebook: What a Great Event!

To Find Linda on LinkedIn:  Linda Snyder

To Find John on LinkedIn:  John Snyder

To Visit Our Website:  ReGroup! Business Solutions and What a Great Event!

So You Want to Be a Landlord – Workshop

So You Want to Be a Landlord Flyer - July 13 2013

Do You Know…

… The ins and outs of being a landlord?

… If you have the right personality to manage tenants and buildings 24/7/365?

… Whether or not you really can make develop a passive income or a retirement nest egg by investing in real estate?

… How to avoid the slick seminars that take your money while offering nothing but hype?

If you’re a new landlord, or just thinking of investing in rental property, this class will give you the confidence that comes with knowing the basics!

Topics: 

So You Want to Be a Landlord?  

  Pitfalls & landmines both before & after a tenant signs a lease.  

Elements of a Good Lease

  Protecting yourself and your tenants.

Rules & Regulations Landlords Must Be Aware Of

  Lead paint, CO, Sect 8, GA, non-discrimination/civil rights, evictions,bedbugs & other code issues.

Are You Getting the Best from Your Management Company? 

  A good property management firm can make all the difference wheninvesting in real estate.

FEE:  $35.00 per person; $60.00 for a couple.

FMI:  Linda Snyder, What a Great Event!

Mobile: 207.740.2247 or Email: LSnyder@regroupbiz.com

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